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deborahjh

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credit piggybacking
I am looking to add my son to two of my credit accounts that have a total of 32k credit limit with 3% utilization and no missed payments. I know that he currently has a 450 credit score and is trying to patch up his credit. Will adding him drastically increase his credit score (any estimates are appreciated) and how soon does it reflect?

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Think again, please.

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Adding your son to your accounts may increase his score some but it most likely will lower yours significantly.  Please just let him work on building ujp his own score.  Do not co-sign anything, either.  He can get his own credit messes taken care of over time without ruining yours.  Believe me, I understand parental love, but sometimes it is best if it is "tough love" and your offspring learn that there are consequences for mistakes that must be faced. Then, maybe he won't make the same mistakes again.

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Adding your son as an authorized user will NOT decrease your credit score. It will help his by giving him a large line of credit in addtion to account age if your card is old and he has young credit. How much it will help him is hard to say, it will depend on his overall credit profile. I would only do this if you truly feel that he has learned his lesson and has become more responsible than in the past. It is often hard to appreciate things that are handed to you when you don't work for them and that reminds me of the saying "easy come, easy go". Make sure he is willing to put in some hard work so he appreciates a good score enough to keep it.  As already said, don't cosign anything ever, unless you are able to and willing to pay the loan.

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